Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  3. Point in time
    2006-07-07

COB 11.5 Trustee firms which are not depositaries

COB 11.5.1R

The only rules in COB which apply to a trustee firm which is not a depositary and when acting as such are as follows:

  1. (1)

    where the firm is:

    1. (a)

      a bare trustee (or, in Scotland, a nominee) holding investments for another person and acting on that person's instructions;

    2. (b)

      a personal representative;

    3. (c)

      a trustee acting as trustee of an issue of debentures or government and public securities:

      1. (i)

        where the issue is made by a company listed on a recognised investment exchange or on a designated investment exchange (or by a wholly-owned subsidiary of such a company); or

      2. (ii)

        where the issue is made by a government, local authority or public authority; or

      3. (iii)

        where the aggregate amounts issued (under the trust deed or any deed supplemental to it and ignoring any amounts redeemed, repurchased or converted) exceed the sum of £10,000,000, or its equivalent in a foreign currency;

    the rules in COB 11.5.2 R, as modified

  2. (2)

    where the firm does not fall within (1), the rules in COB 11.5.3 Ras modified.

COB 11.5.2R

Rules applicable to trustee firms which are not depositaries and to which COB 11.5.1R (1) applies

This table belongs to COB 11.5.1 R (1).

Chapter

Description

Modifications

1

Application and general provisions

'Customer'means 'trustee' or 'trust', as appropriate. COB 1.5 and COB 1.6 do not apply.

2.1

Clear, fair and not misleading communication

'Customer' means 'trustee'

2.2

Inducements3

3

'Customer' means 'trustee' or 'trust', as appropriate.

2.3

Reliance on others

'Customer' means 'trustee'.

2.4

Chinese walls

'Customer' and 'client' mean 'trustee' or 'trust', as appropriate.

2.5

Exclusion of liability

'Customer' and 'private customer' mean 'trustee', as appropriate.

3

Financial promotion

4.1

Client classification

'Client' and 'customer' mean 'trustee' or 'trust', as appropriate.

5.5

Information about the firm

'Customer' and 'private customer' means 'trustee' or 'trust', as appropriate.

7.1

Conflict of interest and material interest

'Customer' means 'trustee' or 'trust', as appropriate.

7.2

Churning and switching

'Customer' means 'trustee' or 'trust', as appropriate.

[deleted]

[deleted]

[deleted]

7.183

Use of dealing commission

'Customer' means 'trustee' or 'trust' as appropriate.

112

Trustee and depositary activities
COB 11.5.3R

Rules applicable to trustee firms which are not depositaries and to which COB 11.5.1R (2) applies

This table belongs to COB 11.5.1 R (2).

Chapter

Description

Modifications

1

Application and general provisions

'Customer' means 'trustee' or 'trust', as appropriate.

COB 1.5 and COB 1.6 do not apply.

2.1

Clear, fair and not misleading communication

'Customer' means 'trustee'

2.2

Inducements and soft commission3

'Customer' means 'trustee' or 'trust', as appropriate.

2.3

Reliance on others

'Customer' means 'trustee'.

2.4

Chinese walls

'Customer' and 'client' mean 'trustee' or 'trust', as appropriate.

2.5

Exclusion of liability

'Customer' and 'private customer' mean 'trustee' or 'trust', as appropriate.1

3

Financial promotion

4.1

Client classification

'Client' and 'customer' mean 'trustee' or 'trust', as appropriate.

5.2

Know your customer

'Customer' and 'private customer'mean 'trustee' or 'trust', as appropriate.

5.3

Suitability

'Customer' and 'private customer' mean 'trustee' or 'trust', as appropriate.

COB 5.3.14 R - COB 5.3.19 R do not apply to a trustee firm. However, a trustee firm must keep appropriate records to show compliance with COB 5.3.

5.4

Customers' understanding of risk

'Customer' and 'private customer' mean 'trustee'.

5.5

Information about the firm

'Customer' and 'private customer' means 'trustee' or 'beneficiary', as appropriate.

7.1

Conflict of interest and material interest

'Customer' and 'private customer' mean 'trustee', or 'trust', as appropriate.

7.2

Churning and switching

'Customer' means 'trustee' or 'trust', as appropriate.

7.3

Dealing ahead

'Customer' means 'trustee' or 'trust', as appropriate.

7.4

Customer order priority

'Customer' means 'trust'.

7.5

Best execution

'Customer' means 'trustee' or 'trust', as appropriate.

7.6

Timely execution

'Customer' means 'trust'.

7.7

Aggregation and allocation

'Customer' means 'customer'or 'trust', as appropriate.

7.9

Lending to private customers

'Private customer' means 'beneficiary'.

7.10

Margin requirements

'Customer' and 'private customer' mean 'trustee' or 'trust', as appropriate.

7.12

Customer order and execution records

'Customer' means 'trustee' or 'trust', as appropriate.

7.13

Personal account dealing

'Client' means 'trust'.

7.14

Programme trading

'Customer' means 'trustee' or 'trust', as appropriate.

7.15

Non market price transactions

'Customer' means 'trustee' or 'trust', as appropriate.

7.183

Use of dealing commission

'Customer' means 'trustee' or 'trust' as appropriate.

8.1

Confirmation of transactions

'Customer' means 'trustee' or 'trust', as appropriate.

8.2

Periodic statements

'Customer' means 'trustee' or 'trust', as appropriate.

[deleted]

[deleted]

[deleted]2

11

Trustee and depositary activities